Terms Used In Kansas Statutes > Chapter 33 > Article 2 - Uniform Fraudulent Transfer Act

• Affiliate: means :

  (1) A person who directly or indirectly owns, controls or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (A) As a fiduciary or agent without sole discretionary power to vote the securities; or

  (B) solely to secure a debt, if the person has not exercised the power to vote;

  (2) a corporation 20% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by the debtor or a person who directly or indirectly owns, controls or holds, with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (A) As a fiduciary or agent without sole power to vote the securities; or

  (B) solely to secure a debt, if the person has not in fact exercised the power to vote;

  (3) a person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

  (4) a person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See Kansas Statutes 33-201

• Asset: means property of a debtor. See Kansas Statutes 33-201
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured. See Kansas Statutes 33-201
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Creditor: means a person who has a claim. See Kansas Statutes 33-201
• Debt: means liability on a claim. See Kansas Statutes 33-201
• Debtor: means a person who is liable on a claim. See Kansas Statutes 33-201
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insider: includes :

  (1) If the debtor is an individual:

  (A) A relative of the debtor or of a general partner of the debtor;

  (B) a partnership in which the debtor is a general partner;

  (C) a general partner in a partnership described in clause (B); or

  (D) a corporation of which the debtor is a director, officer or person in control;

  (2) if the debtor is a corporation:

  (A) A director of the debtor;

  (B) an officer of the debtor;

  (C) a person in control of the debtor;

  (D) a partnership in which the debtor is a general partner;

  (E) a general partner in a partnership described in clause (D); or

  (F) a relative of a general partner, director, officer or person in control of the debtor;

  (3) if the debtor is a partnership:

  (A) A general partner in the debtor;

  (B) a relative of a general partner in, a general partner of, or a person in control of the debtor;

  (C) another partnership in which the debtor is a general partner;

  (D) a general partner in a partnership described in clause (C); or

  (E) a person in control of the debtor;

  (4) an affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

  (5) a managing agent of the debtor. See Kansas Statutes 33-201

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien or a statutory lien. See Kansas Statutes 33-201
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust or any other legal or commercial entity. See Kansas Statutes 33-201
• Property: means anything that may be the subject of ownership. See Kansas Statutes 33-201
• Relative: means an individual related by consanguinity within the third degree as determined by the common law, a spouse or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Kansas Statutes 33-201
• Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, and creation of a lien or other encumbrance. See Kansas Statutes 33-201
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}